An unknown solo Bitcoin miner has achieved a rare feat and produced a valid block hash on the biggest crypto network — netting himself a payday of 3.169 BTC, or just around $181,143 as a reward, inclusive of the full block subsidy and the block’s transaction fees.
ANOTHER solo miner mining a #Bitcoin block and claiming that reward. What's up with the solo miners lately? https://t.co/dc5NLKuAyv
— Christopher Inks (@TXWestCapital) September 10, 2024
Lone Wolf Bitcoin Miner Hits The Jackpot
An extremely lucky Bitcoin miner has just landed the full Bitcoin reward.
According to mempool.space, block 860749 was processed by Solo CK, a unique mining pool that combines the hash power of several smaller miners but rewards only the one responsible for solving the block. The block mined by the solo miner contained 5,935 transactions and was processed on Sept. 10.
Bitcoin mining is the business of processing blocks on the Bitcoin network. When blocks are processed, miners are rewarded with newly minted Bitcoins. But it’s a complex computational endeavor: Mining has gotten more challenging over the years as the network has matured and become more secure.
Miners are now rewarded less BTC as a reward for their work following the quadrennial halving event in April, which reduced block rewards to 3.125 BTC from 6.25 BTC.
In this case, the lucky miner utilized 629 petahashes worth of hash power when the block was solved. The average network hash rate is currently 644 exahashes per second (EH/s), as per data from YCharts, meaning the miner that processed the transaction was running at around a minuscule 0.098% of the total power securing the blockchain. In other words, his odds of beating all the Bitcoin mining pools and every single Bitcoin miner to mine a Bitcoin block were just 0.098%.
The feat is remarkable given that Bitcoin’s computing power continues to rise and more powerful mining machines emerge, suggesting the mining industry is more competitive than ever.
Solo Miners Are Getting Lucky
The Solo CK mining pool service has processed 14 more blocks over the past year alone, netting 59.3 BTC (equivalent to $3.4 million).
The last block mined by a miner from the Solo CK pool was less than two weeks ago at Block 858978, with the winner taking home approximately $200,000 in rewards. Another solo miner from Solo CK also hit the jackpot after they solved block 853,742 in late July for a similar payout.
